IFFCO, NAFED, Kribhco, Amul and NCDC to promote national-level export cooperative society

Centre’s multi-state cooperative society for exporting products of cooperatives will have an authorised share capital of Rs 2,000 crore for the trading of goods and services in the cooperative sector.

Indian Farmers Fertiliser Cooperative (IFFCO), Krishak Bharti Cooperative (Kribhco), National Agricultural Cooperative Marketing Federation (NAFED), Gujarat Cooperative Milk Marketing Federation (GCMMF), and National Cooperative Development Corporation (NCDC) will jointly promote a newly announced national-level export cooperative society with an authorised share capital of Rs 2,000 crore for the trading of goods and services in the cooperative sector.

 Last week, the Cabinet Committee on Economic Affairs (CCEA) approved a proposal to establish three new national-level multi-state cooperative societies to promote organic products, seeds and exports. A national-level cooperative organic society, cooperative seed society and cooperative export society will be registered under the Multi-State Cooperative Societies (MSCS) Act, 2002.

The Centre’s new multi-state cooperative society for exporting products of cooperatives will have an authorised share capital of Rs 2,000 crore and an initial paid-up capital of Rs 500 crore contributed by five such organisations.

The society will focus on exporting the surpluses of the cooperative sector, scout for markets, promote products made by cooperatives in the global arena, and help in increasing their demand globally.

The body will provide institutional support for aggregating an exportable surplus, working capital, logistics, technical know-how, and training. It will provide all back-end support, which includes procurement, storage, processing, marketing, branding, labelling, packaging, certification, research and development and trading to members for boosting the export potential of their products.

Centre’s multi-state cooperative society for exporting products